Ucore Closes First Tranche of Convertible Debenture Financing

Halifax, Nova Scotia – May 22, 2020Ucore Rare Metals Inc. (“Ucore” or the “Company“) (TSXV:UCU) (OTCQX:UURAF) is pleased to announce that it has closed the first tranche of its $2.8 million non-brokered private placement (the “Financing“) of unsecured convertible debentures (“Convertible Debentures“), as previously announced on April 27, 2020.  The Company currently intends to close the remainder of the Financing on May 29, 2020.